My partner and I are buying a newly constructed flat in Suffolk and my conveyancer is informing me that she has to the mortgage company to reveal incentives from the builder. I am nearing the developer’s deadline to sign contracts and my preference is not to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am considering mortgaging my house in Suffolk, does my lawyer have to be on the Nationwide Solicitor panel?
In theory, you could use a solicitor that is not on the Nationwide conveyancing panel, but Nationwide would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Suffolk is the location of the property. What do you suggest?
Flying freeholds in Suffolk are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Suffolk you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Suffolk may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Is it simple use your search app to locate a conveyancing practitioner in Suffolk on the approved list for my mortgage?
First pick a bank such as Accord Mortgages Ltd, Coventry Building Society or Britannia then type in your preferred area e.g. Suffolk. Conveyancing firms in Suffolk and beyond should be listed.
I’m about to sell my ground floor apartment in Suffolk. Conveyancing lawyers have not yet been instructed, however I have just had a quarterly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the maintenance contribution as usual because all ground rent and service payments should be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am the registered owner of a 1 bedroom flat in Suffolk, conveyancing formalities finalised in 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Suffolk with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2089
With 66 years remaining on your lease we estimate the price of your lease extension to span between £12,400 and £14,200 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.